City’s annual financial report points to stability and resiliency amid pandemic challenges
By Tim Kalinowski on April 23, 2021.
LETHBRIDGE HERALDtkalinowski@lethbridgeherald.com According to the the City of Lethbridge annual financial report, the community has shown surprising stability and resiliency even faced with the additional challenges of the pandemic.Not only is the city’s annual unemployment rate (at about 7 per cent) substantially lower than the provincial (11 per cent) and federal (9 per cent) averages, the housing market is holding its own with the average single family home value at $255,000 per unit, bouncing back to 2018 prices after a slight dip in 2019.
This despite the fact the City’s annual revenue fell to $441 million in 2020 from $459 million in 2019, and from $487 million in 2018 mainly due to fewer housing starts and building permits issued.
The City recorded a small budget surplus of $4.8 million in 2020 even with less revenue coming in.
City treasurer Hailey Pinksen told council during Tuesday’s regular city council meeting the City is bearing up well financially under the challenges of COVID-19, and has the fiscal capacity to do more as needed to ensure the City can come out on solid footing once the pandemic is past.
“It really has been quite the year in terms of impact, and everything that is going on,” reported Pinksen. “I know that COVID-19 continues to be top of mind for everyone, and it certainly has presented some challenges. But I believe the City is in a strong financial position as a result of city council’s ongoing commitment to financial stewardship, and the City is resilient and responsive to those needs of the community.”
The full 110-page report can be viewed on the City’s website.
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